Billionaire steelmaker Lakshmi N Mittal, his son Aditya Mittal, and Serum Institute of India Chief Executive Officer Adar Poonawalla on Sunday announced that they have reached a definitive agreement to acquire over 90 per cent stake in Indian Premier League (IPL) franchise Rajasthan Royals (RR) from existing shareholder Manoj Badale.
The transaction is valued at about $1.65 billion, representing the enterprise value of the RR men’s team as well as its associated franchises — Paarl Royals in South Africa and Barbados Royals in the Caribbean.
Following completion, the Mittal family will hold about a 75 per cent stake in the franchise, while Poonawalla will own around 18 per cent. The remaining 7 per cent will continue to be held by approved existing investors, including Badale.
Badale, who has been associated with RR since its inception, will continue to support the franchise in a transitional role.
Besides the IPL team, RR owns Paarl Royals in South Africa’s SA20 league and Barbados Royals in the Caribbean Premier League.
The deal is subject to customary closing conditions, including approvals from the Board of Control for Cricket in India, the Competition Commission of India, the IPL Governing Council, and other regulatory authorities. It is expected to close in the third quarter of 2026.
Lakshmi Mittal said the investment was both a personal and strategic decision, pointing to his roots in Rajasthan and a longstanding association with cricket. He said he has followed the sport since his school days and looks forward to being closely involved with the franchise and engaging with fans. He also referenced the team’s history of producing and backing leading players, including those who have gone on to inspire younger talent. “I cannot wait to join fans pitch-side to cheer our future success,” he said.
Lakshmi Mittal, Aditya Mittal, daughter Vanisha Mittal-Bhatia, Poonawalla, and Badale will join the board of RR following the completion of the transaction.
The deal comes amid a wave of ownership changes and high valuations in IPL franchises. In March, a consortium comprising Aditya Birla Group, Bennett Coleman & Co. (The Times Group), Bolt Ventures, and Blackstone’s perpetual private equity strategy BXPE signed a definitive agreement to acquire 100 per cent of Royal Challengers Bengaluru from United Spirits, a subsidiary of Diageo plc. The transaction valued the franchise at ₹16,660 crore and includes both the IPL and Women’s Premier League teams.
Earlier, in 2025, Torrent Group acquired a 67 per cent stake in Gujarat Titans from CVC Capital Partners for about ₹5,000 crore, while JSW Group acquired a 50 per cent stake in the then Delhi Daredevils (now known as Delhi Capitals) from GMR Group for around ₹550 crore.
By partnering Aditya Mittal on the investment, Poonawalla sees RR as a franchise with a strong legacy and room for “continued growth”. He added that he looks forward to “supporting its long-term success”.
Given that the IPL has rapidly grown into one of the world’s leading sporting leagues, Aditya Mittal described RR as one of its “original and most recognisable teams”. He said the franchise’s focus on identifying and nurturing young talent resonates with the group’s approach, and that the new owners intend to build on that foundation while harnessing its global standing. He also acknowledged the role of players, coaching staff, management, and fans in shaping the franchise so far.
Mittal-Bhatia credited her interest in the investment to a longstanding family association with sport and cricket, adding that it represents an opportunity to be part of the next phase of growth of the league.
Badale said it had been a privilege to be involved with RR since the beginning and to help build the franchise into a competitive and widely followed team. He said the incoming investors bring both a strong connection to Rajasthan and a long-term vision for the franchise and that he looks forward to supporting them as the team enters its next phase.
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